[Table_Reportdate] 2025年04月21日 公 司 简 评 买入（维持） 报告原因：业绩点评 [宁波银行 Table_NewTitle]（002142）：息差、投资及资产 质量彰显专业经营优势 ——公司简评报告 投资要点 ➢ 事件：公司公布2024年度报告。2024年公司实现营业收入666.31亿元（+8.19%，YoY）， 归属于母公司普通股股东净利润271.27亿元（+6.23%，YoY）。年末，公司总资产为3.13 万亿元（+15.25%，YoY），不良贷款率为0.76%（持平，QoQ），不良贷款拨备覆盖率为 389.35%（-15.45PCT，QoQ）。全年净息差为1.86%，同比下降2BPs。 ➢ 2024年Q4对公贷款增长从高位略有放缓，个人贷款增长依然受制于需求端。 Q4宁波银行贷款增速从高位放缓，但相对依然优势依然明显。结构上来看，对公贷款同比 明显少增，一方面或是受到行业共性因素影响：Q4隐债置换力度较大，对公中长期贷款替 代效应明显。另一方面或是由于：前三季度对公信贷受益于区域需求及自身主动发力，实 现高速增长，Q4投放任务相应减轻。个人贷款延续少增，与行业趋势相符，主要 ...

[Table_Reportdate] 2025年04月21日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 商俭 shangjian@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250421 重点推荐 财经要闻 ➢ 1.以质换量，寻找供给弹性及需求韧性的方向——资产配置周报（2025/04/14-2025/04/18） ➢ 2.3月社零同比+5.9%，促消费政策出台有望提振信心——3月社零报告专题 ➢ 3.宏微科技（688711）：边际改善信号渐强，车规级领域持续突破——公司简评报告 ➢ 1.中华人民共和国和柬埔寨王国关于构建新时代全天候中柬命运共同体声明发布 ➢ 2.商务部等九部门发 ...

[Table_Reportdate] 2025年04月20日 策 略 研 究 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 ➢ 全球大类资产回顾：4月18日当周，全球股市表现分化；主要商品期货中黄金、原油、铜 收涨，铝收跌；美元指数下跌，人民币贬值，日元、欧元升值。1）权益方面：德国DAX30> 英国富时100>日经225>法国CAC40>恒生指数>上证指数>沪深300指数>恒生科技指数> 科创50>深证成指>创业板指>标普500>纳指>道指。2）关税、降息等不确定性仍然支撑市 场避险情绪持续升温，黄金价格周内再创历史新高；原油价格反弹，美国对伊朗施压升级， OPEC部分国家递交 ...

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to +10% relative to the CSI 300 index over the next six months [57]. Core Insights - In March 2025, the total retail sales of consumer goods reached 40,940 billion yuan, with a year-on-year growth of 5.9%, exceeding the consensus expectation of 4.36% [6][11]. - Urban market growth has surpassed rural market growth for the first time in nearly 20 months, with urban retail sales increasing by 6% year-on-year [13]. - Online consumption continues to show strong growth, with online retail sales of goods and services increasing by 7.9% and 5.7% year-on-year, respectively [15]. - The consumer price index (CPI) decreased by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.5% [31]. - The unemployment rate in March 2025 was 5.2%, a slight decrease of 0.2 percentage points from the previous month [44]. Summary by Sections Overall Retail Sales - The retail sales of consumer goods in March 2025 grew by 5.9% year-on-year, reaching 40,940 billion yuan, which is higher than the expected growth rate [11]. By Category - The share of goods retail has increased, with food and beverage categories showing stable growth. In March, the total retail sales of goods reached 36,705 billion yuan, also growing by 5.9% year-on-year [22][24]. - Essential goods showed robust growth, with food, beverages, and daily necessities increasing by 13.8%, 4.4%, and 8.8% year-on-year, respectively [29]. Price Performance - The CPI and PPI both decreased year-on-year, with the PPI declining by 2.5% due to weak upstream energy prices. The PPI-CPI gap widened to -2.4% [31][38]. Employment Situation - The urban unemployment rate in March 2025 was 5.2%, which is consistent with the levels seen in 2019 and the previous year [44][47]. Investment Recommendations - The report suggests focusing on the high-end liquor and regional leading brands in the liquor sector, as the valuation is currently at a low point and policies are expected to boost demand [54]. - The cosmetics sector is also highlighted for stable growth, with domestic brands likely to increase their market share amid rising uncertainties in international relations [54].

[Table_Reportdate] 2025年04月18日 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250418 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.贵州茅台（600519）：2024年圆满收官，2025年扎实前行—公司简评报告 ➢ 2.普门科技（688389）：试剂业务快速增长，业绩总体稳健——公司简评报告 ➢ 1.中国人民银行联合其他五部门印发《促进和规范金融业数据跨境流动合规指南》 ➢ 2.财政部联合商务部发布《关于开展2025年现代商贸流通体系试点城市申报工作的通知》 ➢ 3.国家统计局发布3月失业率 ➢ 4.欧洲央行如期下调三大政策利率25 ...

[Table_Reportdate] 2025年04月17日 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250417 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1."抢出口"带动生产，"以旧换新"支撑社零——国内观察：2025年3月经济数据 ➢ 2.普门科技（688389）：试剂业务快速增长，业绩总体稳健——公司简评报告 ➢ 3.邮储银行（601658）：负债优势凸显，财政部战投与邮政集团增持彰显信心——公司简 评报告 ➢ 4.开立医疗（300633）：环比显著改善，高端产品放量可期——公司简评报告 ➢ 5.2025Q1国内轮胎市场需求稳定，关注关税落地影响——轮 ...

Investment Rating - The investment rating for the company is "Buy" [8][10]. Core Views - The company's overall performance is stable, with a slight fluctuation in Q4. In 2024, the company achieved revenue of 1.15 billion yuan, a year-on-year increase of 0.20%, with domestic revenue at 759 million yuan (down 6.16%) and international revenue at 372 million yuan (up 14.87%). The net profit attributable to the parent company was 345 million yuan, reflecting a year-on-year increase of 5.12% [8]. - The in vitro diagnostic (IVD) segment is experiencing rapid growth, with revenue reaching 911 million yuan in 2024, a year-on-year increase of 9.96%. The gross margin for this segment is 69.68%, up 5.71 percentage points year-on-year [8]. - The treatment and rehabilitation business saw a decline, with revenue of 220 million yuan in 2024, down 27.68% year-on-year. However, the company is enhancing its marketing efforts, particularly in e-commerce, to boost sales in this segment [8]. Summary by Sections Financial Performance - In 2024, the company reported a main business revenue of 1.15 billion yuan, with a gross margin of 67.21% and a net profit margin of 29.87% [8]. - The projected net profits for 2025, 2026, and 2027 are 407 million yuan, 472 million yuan, and 537 million yuan, respectively, with corresponding EPS of 0.95 yuan, 1.10 yuan, and 1.25 yuan [8][9]. Business Segments - The IVD segment is expected to maintain strong growth due to new product launches and technological advancements [8]. - The treatment and rehabilitation segment is anticipated to recover as the company improves its product lineup and marketing strategies [8]. Valuation Metrics - The company is projected to have a PE ratio of 14.41 for 2025, decreasing to 10.91 by 2027, indicating a favorable valuation trend [8][9].

[Table_Reportdate] 2025年04月16日 公 司 简 评 增持（维持） 报告原因：业绩点评 [邮储银行（ Table_NewTitle] 601658）：负债优势凸显，财 政部战投与邮政集团增持彰显信心 ——公司简评报告 [table_main] 投资要点 [Table_QuotePic] -17% -10% -3% 4% 11% 18% 25% 32% 24-04 24-07 24-10 25-01 邮储银行 沪深300 [相关研究 Table_Report] 《邮储银行（601658）：负债成本优 势保持，储蓄代理降费效果体现—— 公司简评报告》 2024.11.05 《邮储银行（601658）：储蓄代理刚 性缓解，存款降息对冲贷款端影响— —公司简评报告》 2024.10.18 《邮储银行（601658）：存款增长较 快，关注储蓄代理方案优化——公司 简评报告》 2024.09.11 银 行 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 公 司 研 究 [Table_invest] [数据日期 Table_cominfo] 2 ...

Investment Rating - The report maintains an "Overweight" rating for Postal Savings Bank of China (601658) [1] Core Views - The bank's liability advantages are highlighted, with strategic investments from the Ministry of Finance and increased holdings from the Postal Group demonstrating confidence in the bank's future [1][6] - The bank's 2024 annual report shows a slight increase in operating income and net profit, with total assets growing significantly year-on-year [1][6] - The bank's credit growth is slowing marginally, but it still outperforms the average growth of major state-owned banks [1][6] - The bank's deposit cost advantage remains, with a narrowing decline in net interest margin expected to continue [1][6] - The bank's asset quality remains stable, with manageable credit risks anticipated despite slight increases in non-performing loans [1][6] Summary by Sections Financial Performance - In 2024, the bank achieved operating income of CNY 348.77 billion (+1.83% YoY) and net profit of CNY 86.48 billion (+0.24% YoY) [1][6] - Total assets reached CNY 17.08 trillion (+8.64% YoY) with a non-performing loan ratio of 0.90% [1][6] Credit and Investment - Credit growth is marginally slowing, particularly in credit cards and small loans, but remains relatively strong compared to peers [1][6] - The bank increased its bond investments significantly in Q4, capitalizing on favorable market conditions [1][6] Deposit and Interest Margin - The bank's net interest margin for Q4 was measured at 1.81%, with a slight decline compared to previous quarters [1][6] - The cost of deposits is improving due to a favorable deposit structure, leading to a more pronounced decline in interest expenses compared to other state-owned banks [1][6] Asset Quality - The bank's asset quality is expected to remain stable, with manageable risks in personal loans and commercial sectors [1][6] - The non-performing loan coverage ratio stands at 286.15%, indicating a strong buffer against potential losses [1][6] Strategic Investments - The bank plans to raise CNY 130 billion through strategic investments to bolster its core capital, with significant participation from the Ministry of Finance [6] - The Postal Group's recent share purchase further reinforces confidence in the bank's stability and growth prospects [6] Profit Forecasts - The bank's revenue and net profit forecasts for 2025-2027 have been adjusted upwards, reflecting improved expectations for investment income and cost management [6][34]

[证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20250416 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Reportdate] 2025年04月16日 [table_summary] ➢ 1.关注4月数据更重要——国内观察：2025年3月进出口数据 ➢ 2.制冷剂企业Q1业绩兑现，行业景气持续上行——氟化工行业月报 ➢ 3.内需改善预期提升，板块迎来配置良机——食品饮料行业周报（2025/4/7-2025/4/13） ➢ 1.国家税务总局发布第一季度增值税发票最新数据 ➢ 2.美国财长贝森特称，仍然希望与中国达成关税协议 ➢ 3.美国商务部启动对芯片与药品的进口调查 ➢ 4.《金融"五篇大文 ...